Risk management is an ongoing process. There is no 'end' to being prepared to deal with incidents that could be detrimental to your company. Once you have your risk management plan in place, the question arises about when you should review and adjust it.
This is a guest post by Emily Moberly, CEO and Founder of Traveling Stories
In today’s world, a shopping decision does not rely entirely on price and quality. More and more people seek brands that are associated to a cause and make their decisions based on choosing companies that are in alignment with their values. This drive is even higher with millenials. If you are looking for health insurance for your business, it's easy to become confused by all of the rules and array of different types of plans. Here is an easy guide to understanding the different kinds of health insurance that are available to your employees.
Compliance with California's health insurance law isn't tricky, but it is nuanced, and failure to follow the rules could cost you a lot of money. There are no criminal penalties for failing to offer health insurance. However, regulators can assess a fine against your company if you fail to provide health insurance or provide a sub-standard plan.
At some point in your business lifecycle, you will have to create a risk management plan. You may already have a risk management plan, but the need for a robust plan grows as your company grows.
Your business insurance covers your day-to-day operations, but it may not include all of your activities. For instance, if you run a website, have your employees use their cars, own a fleet of company cars, or ship product overseas, or across the country, you may not be covered under your current policies.
Employee benefits are a given in any professional workplace. Your staff expects your company to offer the usual medical and dental benefits, and they may also hope you provide other benefits, such as sick time and holiday time.
Risk management isn't about eliminating risk all together. Even if you wanted to, it’s just not possible. The goal is to mitigate risk to acceptable levels that allow your business to function successfully without opening yourself up to unnecessary costs and liability.
Your employee benefits plan is more than benefits to help your employees. They are are also recruiting tools, retention tools, and a significant bridge between all levels or your company.
For this reason alone, you shouldn't take your benefits package lightly. It can mean the difference between an engaged, stable workforce, or a workforce that has to be re-staffed continuously or plagued with morale problems. What goes through your mind when you consider business insurance? For most business owners, they are concerned if they have enough insurance, are paying the right price, what to do if they have to make a claim and if costs can be lowered.
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